A new study by Cushman and Wakefield, a consulting group, revealed that Madrid and Barcelona are two of the best places in all of Europe for business.

The study ranked Barcelona as the fourth best place to conduct business, and the capital city of Madrid as the sixth. The top three cities in the study results were Paris, London, and Frankfurt.

Over the last year both cities have risen in ranks, as the economic crisis has crippled competitors.

Barcelona also received the distinction of having a high quality of life among European cities for its citizens, as well as a desirable climate, with sea views, and a mild climate.

On the other hand, both cities suffer from the image of not being as advanced in telecommunications as other European cities, and have high levels of pollution.